Trump Woos Wall Street With Corporate Tax Cuts At NYSE Visit

Trump’s Speech at the New York Stock Exchange

On December 15, 2017, President Trump visited the New York Stock Exchange to deliver a speech on the Tax Cuts and Jobs Act, which was recently passed by Congress. In his speech, Trump touted the benefits of the tax cuts for businesses and the economy as a whole. He said that the tax cuts would create jobs, boost wages, and make the United States more competitive on the global stage.

Trump also used his speech to criticize the previous administration’s economic policies. He said that the Obama administration’s policies had led to slow economic growth and stagnant wages. He also said that the Obama administration’s regulations had made it difficult for businesses to create jobs.

The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is the most significant tax reform legislation in decades. The law reduces taxes for businesses and individuals, and it is estimated to add $1.5 trillion to the national debt over the next decade.

One of the most controversial provisions of the law is the reduction in the corporate tax rate from 35% to 21%. This provision is expected to save businesses billions of dollars in taxes each year.

The law also reduces taxes for individuals. The standard deduction is increased, and the number of tax brackets is reduced from seven to four. These changes are expected to save taxpayers billions of dollars in taxes each year.

Reaction to Trump’s Speech and the Tax Cuts

Trump’s speech was met with mixed reactions. Some people praised the tax cuts, while others criticized them. The stock market reacted positively to the news, and the Dow Jones Industrial Average reached a record high the day after Trump’s speech.

However, some economists have warned that the tax cuts will increase the national debt and could lead to inflation. They also say that the tax cuts will not create as many jobs as Trump has promised.

Conclusion

The Tax Cuts and Jobs Act is a major piece of legislation that will have a significant impact on the US economy. The law reduces taxes for businesses and individuals, and it is estimated to add $1.5 trillion to the national debt over the next decade.

The law is controversial, and some economists have warned that it will increase the national debt and could lead to inflation. They also say that the tax cuts will not create as many jobs as Trump has promised.

It remains to be seen what the long-term effects of the Tax Cuts and Jobs Act will be. However, the law is a significant change in tax policy, and it will likely have a major impact on the US economy for years to come.